The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Best Buy property located at 6502 Grape Road in South Bend, Indiana for $9,009,000.
The Best Buy is strategically positioned in a regional retail trade area approximately three miles from the prestigious University of Notre Dame. The University of Notre Dame has a total enrollment of approximately 12,000 students and there are approximately 160,000 people living within a five mile radius of the property. The Best Buy is located along the area’s primary north-south thoroughfare directly across the street from a 920,000 square foot regional mall. Retailers in the immediate area include Walmart Supercenter, Sam’s Club, Costco, Whole Foods, Target, Home Depot, Lowe’s, Meijer, Menards, Kohl’s, Dick’s Sporting Goods and many others.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest real estate investment company. The purchaser was a west coast real estate investment company.
There are approximately seven years remaining on the Best Buy lease which expires March 20, 2023. The absolute triple net lease features a 3% rental escalation in the primary term and in each renewal option period. Best Buy is a leading retailer of technology and electric products with over 1,700 locations worldwide. Best Buy is an investment grade rated company with a Standard & Poor’s rating of BBB-.
“The market for net leased properties with shorter term leases remains active as investors are attracted to the higher yield these assets generate” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Real estate fundamentals play an important role in evaluating short-term leased properties.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago.
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States